Rising interest rates by the Banks are worrying consumers when it comes to their financial commitments.
Although the rise in the stock market is attracting more margin lending on shares, the latest official lending figures show there is anxiety about taking on more debt in the wake of the global financial crisis.
Spending on home renovation has been descending since March 2009, with the $465 million borrowed for that purpose in November down by 13.9%. Spending on new blocks of land has fallen by 12.7% since it peaked in June of last year.
Borrowing has weakened since last June for new and used motor vehicles.Industry specialist say they have seen signs of increases in borrowing on credit cards and margin lending, but people have not been confident enough to spend on holidays, new motor vehicles or extending their house.
If you are looking to renovate, but are concerned about interest rate rises then refinancing is an option worth considering.
Refinance your Mortgage
Refinancing your mortgage can allow you to access cheaper interest rates and unlock the equity in your home to renovate, buy an investment property or consolidate debt. The Australian Lending Centre has years of experience helping people to refinance to achieve these goals. So if you are looking to refinance an existing loan, or want to consolidate a number of debts (including credit card debt), then it’s worth talking to the Australian Lending Centre today.
Some of the advantages of refinancing a loan include:
- Lower monthly repayments when you refinance
- The ability to pay off multiple debts through refinancing schemes
- Reduced risk by changing from a variable rate to a fixed rate when you refinance
- Access to cash to cover major expenses when you refinance
If you would like to speak with a consultant to find out if refinancing is the best option for you, please call 1300 138 188 today, alternatively fill out an enquiry form on the right and a consultant will contact you shortly for a free appraisal.